FEDS: GOLD COINS BOUGHT WITH IDS OF DEAD KIDS

San Diego 
A San Diego man’s illicit collection of fake passports created under the names of long-deceased children was part of a larger scheme to purchase at least $1.6 million in gold coins and hide the gains from the IRS, according to federal court documents.

Details of the plan were released following a federal grand jury indictment this month that adds to the charges against Lloyd Irvin Taylor. The 70-year-old, who had previously been charged with three counts of making false statements, now faces additional counts of aggravated identity theft, tax evasion and corruptly endeavoring to impede the Internal Revenue Service.

The accusations add to Taylor’s colorful past that includes an unsuccessful run for county supervisor in San Francisco, a career as a CPA and lawyer, and passport books stamped with several locales, including Budapest, Switzerland and Berlin.

Taylor has been in custody since April, when agents arrested him at his Pacific Beach home. Among his considerable assets were more than $1.6 million in gold coins seized from a storage locker, according to the U.S. Attorney’s Office.

Prosecutors say Taylor obtained birth certificates of boys who had died in the Bay Area in the 1950s and used the information to get passports and other identification in their names.

He then opened several financial accounts in the names of the dead boys or of nonexistent churches, with names such as Holy Life Church and Self Development Church, the indictment says.

His securities trading and other investment activity earned him significant assets that he failed to pay taxes on, according to the indictment. Tax returns show Taylor filed only seven times between 1969 and 2003, the last time he paid taxes, documents say.

Taylor’s attorney did not return a call for comment.

Given Taylor’s age, the added charges mean Taylor could spend the rest of his life in prison, if convicted. He is expected to be back in court next month.